Lufax (NYSE:LU) Shares Up 7% – Time to Buy?

Lufax Holding Ltd (NYSE:LU)’s stock price shot up 7% during mid-day trading on Friday . The company traded as high as $3.14 and last traded at $3.15. 785,651 shares were traded during trading, a decline of 77% from the average session volume of 3,343,612 shares. The stock had previously closed at $2.94.

Analyst Ratings Changes

Separately, Jefferies Financial Group reissued a “hold” rating and issued a $3.20 target price on shares of Lufax in a research report on Thursday, October 24th.

Lufax Price Performance

The business’s 50-day moving average is $2.51 and its two-hundred day moving average is $2.62. The firm has a market cap of $2.67 billion, a P/E ratio of -3.98 and a beta of 0.84.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. raised its position in shares of Lufax by 4.3% in the third quarter. Baillie Gifford & Co. now owns 14,617,105 shares of the company’s stock valued at $51,014,000 after purchasing an additional 605,134 shares during the period. JPMorgan Chase & Co. lifted its position in Lufax by 27.5% during the third quarter. JPMorgan Chase & Co. now owns 63,235 shares of the company’s stock worth $221,000 after acquiring an additional 13,630 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Lufax by 43.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,102,895 shares of the company’s stock valued at $10,829,000 after purchasing an additional 936,048 shares during the last quarter. State Street Corp grew its holdings in Lufax by 3.2% in the 3rd quarter. State Street Corp now owns 4,960,609 shares of the company’s stock valued at $17,313,000 after buying an additional 155,006 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new position in Lufax during the 3rd quarter worth $1,479,000. Institutional investors and hedge funds own 69.14% of the company’s stock.

About Lufax

Lufax Holding Ltd operates as a financial service empowering institution for small and micro businesses in China. The company offers loan products, including general unsecured loans and secured loans, as well as consumer finance loans. It also provides wealth management products, such as asset management plans, mutual fund products, private investment fund products, and trust products.